Polyethylene films are used in the manufacture of a wide variety of products ranging from stretch/cling applications such as pallet wraps, grocery bags, diaper liners, household food wraps, and agricultural films. A need has arisen, however, for a film that may be diecut to produce labels. A diecutable polyethylene film preferably has lower elongation and ultimate tensile properties than conventional polyethylene films. Thus, the tensile and elongation properties of a polyethylene film that is to be diecut into labels must be substantially reduced. Moreover, it is highly desirable that the reduction in strength and elastic properties be accomplished without adversely affecting the processability of the film.